Rents increased by 1.2% year on year in the UK in February, latest index shows

Rents in the UK rose by 1.2% in February compared with the same month a year ago, taking the average monthly rent £906, the latest national rental index shows.

Rents in London increased by 1.1% to £1,537 a month and when London is excluded, the average UK rental value was £758 up 1.6% on last year, according to the HomeLet February rental index.

Month in month rents slipped 0.3% between January and February 2018 and the data also shows that that rents fell in two regions in England. The North East saw rents fall by 3.3% month on month to £520 and rents fell by 1.4% in the South West to £806.

Wales saw rents fall by 1.7% month on month to £593 and rents also fell year on year by 1.5%. Scotland has one of the strongest rental markets, with rents up 1.1% month on month and 5.5% year on year to £632.

Northern Ireland has also outperformed other parts of the UK with rents up 1.1% month on month and 4.3% year on year to £631 while the East Midland is the best performing region in England with average rents up 0.3% month on month and 3.9% year on year to £619.

In Greater London rents increased by 0.3% month on month and by 1.1% on an annual basis and in neighbouring South East of England rents were unchanged compared with January and up just 0.3% year on year to £995.